We often give speech sounds easy names and pair them with a visual cue to increase a childs ability to remember them and to just make working on articulation a little more fun!  The following list is a compilation from a few different resources.  The names tend to correspond to the way we produce the sound or something that we relate to the sound.  It is perfectly fine to come up with your own name, however, it is important to be consistent with the name you use so the child does not get confused.  

/m/

yummy sound, blender sound, nose sound

/n/ 

nose sound, the engine sound

/ng/

Swallow sound, nose sound

/b/

noisy lip popper, bunny sound

/p/

quiet lip popper, popcorn sound

/k/

throaty sound, back sound, coughing sound, stomping dinosaur sound

/g/

throaty sound, back sound, baby sound, frog sound

/t/

tongue tapper, quiet tip tapper, tick tock sound, ticking sound

/d/

noisy tip tapper, the raindrop sound

/f/

chipmunk sound, hose sound, biting lip sound, lip cooler

/v/

vacuum sound, biting lip sound, lip cooler

/j/

yelling sound, giant steps sounds

/l/

singing sound, lightning bug sound, tongue lifter

/r/

growly sound

/w/

windy sound, blowing sound, fish sound

/h/

panting dog, panting sound, hot sound

/s/

snake sound

/z/

buzz sound, bee sound, sawing sound

/sh/

quiet sound, running water sound 

/ch/

noisy sound, piggy bank sound

/dz/

jumping sound

/zh/

drilling sound

/th/

tongue sandwich, sandwich sound, tongue cooler 

all blends / sk, st, br, pl, etc/

buddies, sound buddies, brother sounds, sister sounds

References: 
Easy Does it for Apraxia-Preschool (1994 LinguiSystems, Inc)
LindaMood Bell Phoneme Sequencing Program Manual